In other events that investors will be watching for clues on the Fed's next move, the Richmond Fed's President Jeffrey Lacker and San Francisco President John Williams will speak at separate events on Tuesday.

Data releases on Tuesday include the ISM non-manufacturing index

AOL was among those reporting quarterly results, with the digital-media company gaining after reporting better-than-expected revenue.

Corporate earnings also included results from CVS Caremark, with the drugstore chain's shares rising after reporting a better-than-expected quarterly profit and raising its outlook for the year. Michael Kors Holdings jumped after the apparel maker reported better-than-anticipated quarterly revenue.